Cyclical Properties of Fiscal Policy in Oil-Producing Countries

E. Gurvich, Elena Vakulenko and P. Krivenko

Voprosy Ekonomiki, 2009, issue 2

Abstract: The paper considers fiscal policy in countries that build on use of non-renewable natural resources. Size of the "oil GDP", natural rent, and fiscal proceeds from the oil sector are estimated for Russia. These and similar parameters are compared across major oil-producing countries. Econometric procedure is suggested to measure overall impact of oil prices on fiscal performance accounting for all channels of influence. This approach is used to examine oil dependence of budget revenues and spending in five oil-exporting countries. We find that three of them (Iran, Venezuela, and Russia) demonstrate indications of a pro-cyclical fiscal policy.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2009:id:838

DOI: 10.32609/0042-8736-2009-2-51-70

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